Do you have any equity in you existing home (if you own it) so you can leverage a HELOC to use as an emergency fund?

What if she lies and claims to have owned a home, or uses a friend's address instead of the rental address?"

There is a single family home in front, and in back there is a guest house/loft above a garage.

In addition to interest and repairs, you can deduct off a 27 year depreciation on the home. 

Instead, I bought a home at full price and missed out on years of potential savings and rental income.

If you do decide to start flipping homes- as a new investor you can either self finance with all cash, or you can contact a commercial lender like myself and expect terms to be 75-80% of the purchase price with 100% of the rehab financed through a draw.

Purchase price: $8,000 Cash invested: $20,000 In 2013, I decided to put much of what I had learned from books into action by purchasing a two-bedroom home—not as a traditional investment property, but as a home for my mother.

If they qualify as tenants, you might need to honor tenant rights or negotiate a settlement to vacate.Market Potential: A two-family home and a single-family unit could be a great income-generating property post-rehab or resolution.

I understand it become tad difficult to refinance since some lenders wouldn't lend on the home in trust, but is it easy to sell a home in a trust, just like you are buying in a trust?

Purchase price: $8,000 Cash invested: $20,000 In 2013, I put my knowledge into action by purchasing a two-bedroom home for $8,000 as a home for my mother, though she wasn’t thrilled about it.